On November 10, after months of wrangling, EU member states forged an agreement with the European Parliament over the long-term budget and the recovery fund to rebuild a post-Covid Europe.
The EU will, as previously agreed, borrow heavily in the bond markets to finance the recovery at cheaper rates than most member states could in their own right. It will redistribute proceeds in grants and subsidized loans.
The latest agreement comes with new proposals on EU tax-raising powers to service these borrowings out of so-called own resources.
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